This week, Bybit, a cryptocurrency exchange, suffered a hack that resulted in a $1.5 billion loss. Shortly after, Bybit managed to return the 40,000 Ethereum loan taken from Bitget, demonstrating recovery efforts and asset replacement.
The Hack on Bybit
Bybit reported a breach that led to the loss of $1.5 billion in cryptocurrency on February 21. The attacker manipulated a routine Ethereum transfer between the exchange's wallets. It was later revealed that the stolen funds were quickly moved to an unidentified address.
Asset Movements and Support
Following the hack, Bitget provided Bybit with a 40,000 Ethereum loan to assist with the asset shortfall, which was duly repaid. Bybit received additional loan support from other exchanges, including Binance.
Filling the Gap and Recovery
Bybit managed to replace the lost Ether and ensure full asset coverage for its clients through additional purchases. Newly audited reserve reports are slated to be published soon. The industry collaboration showcased the sector's resilience and maturity.
Bybit's incident and subsequent recovery highlight the importance of swift action and industry cooperation in maintaining customer security and trust in the crypto industry.